Oil Stocks Outlook For The Week – 20 To 24.11.2017
Oil Stocks Outlook For The Week – 20 To 24.11.2017
Stocks of state-owned refiners and retailers--Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp--are expected to remain in the consolidation mode next week. In terms of fundamentals, the three state owned oil marketing companies continue to be on solid ground,
benefiting from healthy domestic demand for fuels as well as robust core refining and marketing margins, which lend a positive outlook to these stocks. The fact that Moody's has upgraded the foreign currency issuer ratings of the three state-owned refiners and upstream major Oil and Natural Gas Corp along with upgrading India's sovereign rating may provide some strength to the stocks of these companies. In the absence of any major sectoral triggers, stocks of oil companies are expected to be guided by the movement in crude oil prices, news flow, and the sentiment in the broader market. Prices of crude oil are likely to fall next week due to record high crude oil production in the US and a gloomy demand forecast. The Organization of the Petroleum Exporting Countries and other major producers will meet on Nov 30 in Vienna, where they will discuss the extension of the output cuts beyond March. Stocks of upstream players such as ONGC and Oil India may move in line with the movement in crude oil prices next week. The fundamentals for these stocks have started improving, as strong oil prices will lead to a strong financial performance for upstream companies.
Source : Cogencis Information Services Ltd.
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Oil Stocks Outlook For The Week – 20 To 24.11.2017
benefiting from healthy domestic demand for fuels as well as robust core refining and marketing margins, which lend a positive outlook to these stocks. The fact that Moody's has upgraded the foreign currency issuer ratings of the three state-owned refiners and upstream major Oil and Natural Gas Corp along with upgrading India's sovereign rating may provide some strength to the stocks of these companies. In the absence of any major sectoral triggers, stocks of oil companies are expected to be guided by the movement in crude oil prices, news flow, and the sentiment in the broader market. Prices of crude oil are likely to fall next week due to record high crude oil production in the US and a gloomy demand forecast. The Organization of the Petroleum Exporting Countries and other major producers will meet on Nov 30 in Vienna, where they will discuss the extension of the output cuts beyond March. Stocks of upstream players such as ONGC and Oil India may move in line with the movement in crude oil prices next week. The fundamentals for these stocks have started improving, as strong oil prices will lead to a strong financial performance for upstream companies.
Source : Cogencis Information Services Ltd.
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